Savills Singapore & CBRE as the exclusive joint marketing agents, are proud to offer for sale 22 Belilios Lane, Aqueen Heritage Hotel Little India – a 68-key heritage hotel. Prominently located in the heart of Little India, the Property enjoys excellent connectivity and proximity to a plethora of amenities.
Housed in a corner row of 12 adjoining, 2-storey with attic conservation, the property occupies a land area of approx. 13,130 sq ft and an estimated total floor area of 25,540 sq. ft. The 68-key hotel occupies approx. 21,790 sq. ft, while the 9 units of retail and F&B space on the ground floor occupy approx. 3,750 sq. ft. The shops have always enjoyed high footfall traffic from the prominent 90-metre dual road frontage along Belilios Lane and Belilios Road.
The interior spaces were thoughtfully designed for a cozy boutique hotel. Artistic installations and mural paintings touches were added to showcase the rich cultural and heritage aspects of the Little India precinct. The Property is also well-equipped with modern specifications with 2 passenger lifts, which is a rare find within shophouses. The new owner can either choose to self-manage the hotel or engage an independent operator.
Little India is a buzzing historic area that shows off the best of Singapore’s Indian community, from vibrant culture to incredible shopping 24/7. It is today one of Singapore’s most vibrant districts which has undergone massive rejuvenation. With its proximity to the city and a bohemian vibe, many artists also call Little India home. Nestled right in the heart of the historic and vibrant Little India district, the Property enjoys seamless connectivity with Little India MRT Interchange Station (Downtown Line and North-East Line) a mere 6 mins walk away. It provides direct access to the Central Business District, Singapore’s prime shopping belt in Orchard Road, and other fascinating cultural and entertainment areas.
Ms. Yap Hui Yee, Senior Director, Investment Sales & Capital Markets at Savills Singapore, shared: “Little India is the heart of Singapore’s India Community and testament to the rich and diverse historical culture we possess. The area has transformed into an eclectic and diverse mix of commercial activities with new residential developments and hip F&B hangouts thriving alongside historic temples and cultural treasures. With the Property sitting within a location that is undeniably one of Singapore’s most vibrant cultural districts and coupled with the recent easing of border restrictions, the asset is poised to benefit from the influx of international tourists seeking to immerse themselves in this historic enclave.”
Ms Yap added: “Boutique hotels with such a palatable investment quantum are usually tightly held. This is a truly exceptional opportunity for buyers to own this row of corner shophouses in an exciting district.”
Mr. Clemence Lee, Executive Director, Capital Markets at CBRE, shared: “Underpinned by the strong recovery in the Singapore tourism industry, CBRE has noticed a pick-up in interest for boutique hotels housed in conservation shophouses. Just over the past 6 months, CBRE has successfully transacted 3 of these hotels namely Porcelain Hotel ($90 million), Clover Hotel Jalan Sultan ($74.8 million) and Hotel Soloha ($53.4 million).”
“According to International Air Transport Association (IATA), passenger traffic at Changi Airport has almost doubled from last year and is on track to improve further this year given the numerous upcoming large-scale events scheduled such as the F1 Grand Prix, World Cities Summit 2022, One Championship and Ultimate Fighting Championship. Well located hotels such as Aqueen Heritage Little India will stand to benefit from the increase in tourist numbers.”
Mr Lee adds: “Given its size and scale, the new owner for the subject property can look to adopt multiple value-add strategies to further unlock the value of the asset. For example, some of the ground floor retail shops and rooms can be converted into restaurants, subject to approval from the relevant authorities. The hotel rooms on the second floor can also be repositioned into serviced apartments or co-living facilities that provides longer but flexible lease terms.”
The guide price for Aqueen Heritage Hotel Little India is $62 to $66 million. Foreigners and companies are eligible to purchase the properties and no Additional Buyer Stamp Duty (ABSD) or Seller’s Stamp Duty (SSD) will be imposed.
The sale will be conducted through an Expression of Interest exercise, which closes on Thursday, 7 July 2022, at 3pm.